Friday at a glance: CME Corn slid down from $682.25 to $679.75 per bushel, taking a $2.5 loss (0.37%)
Technical analysis of the Corn future's past price action reveals multiple support and resistance levels: Corn is approaching key support, around $3.67 away from $676.08. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-following investors would be interested to note that the Corn future made an initial breakout above its 21 day Simple Moving Average at $683, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, the Corn future's upper Bollinger Band® is at $695.84, suggesting that a downward move may follow.
The current technical outlook indicates Corn will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen in other Grains as Rough Rice is trading around $16.5 after ending Friday's session at $16.34 (up 0.95% today). Oats is trading around $367 after ending Friday's session at $358.5 (up 2.37% today). Soybeans is trading around $1,400 after ending Friday's session at $1,393.5 (up 0.47% today).
Trading mostly sideways for 3 months. Corn traded as high as $818.25 before shedding 16.87% lower over the past six months.